URSB starts campaign to popularize Insolvency Amendment Act, business registration

Gulu, Uganda | THE INDEPENDENT | The Uganda Registration Services Bureau (URSB) has embarked on a countrywide campaign to popularize the Insolvency Amendment Act 2022 and the importance of business registration.

The campaign which targets legal practitioners, policymakers, and business owners is being conducted to build capacity, create awareness, and drive the public to understand URSB and create positive impacts on businesses.

It also seeks to keep businesses afloat and instill mindset change and skilled business owners on how to keep their businesses alive or close them decently.

On Thursday, URSB held trainings for the northern regional business owners and legal practitioners over the same.

The meeting was attended by Resident Judge of Gulu Circuit, Justice George Okello, URSB Deputy Registrar Alex Anganya, Director Insolvency and Receivership Robert Mugabe, and Manager Registration and Compliance Allan Kakungulu.

It was held at Bomah Hotel in Gulu City drawing over 300 participants.

Justice Okello said that everyone stands to gain when businesses thrive noting that the government takes deliberate measures for tax incentives, especially the amendments of waiving interests and tax grace periods during the COVID-19 period.

He added that there should be a mindset shift from looking from corporate failure to corporate recovery noting that businesses should be supported instead of being liquidated.

Alex Anganya, the URSB Deputy Registrar urged business owners to register their businesses to benefit from the government support.

He disclosed that this week the government launched the mass business registration project which targets to support registered struggling businesses with over 200 billion shillings.

He said that business registration presents a lot of potential, adding that business owners should not attribute registration to taxation lest they get stuck.

The training also took legal practitioners through becoming part of the Insolvency Practitioners’ Association.

Allan Kakungulu, the URSB Manager for Registration and Compliance noted that the government will introduce courses and mandatory training for practitioners in handling insolvency.

He highlighted that the Insolvency Act 2022 as amended provides for advertising of business before close for wide circulation and alertness, provides for asset procedure, prioritizes creditors over preferential debts, provides post-arrangement financing, post-administration financing and certification of dissolution among others.

Samuel Odonga Otto, a lawyer and business owner in Pader district welcomed the engagement saying that he was unaware of the amendment.

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URN